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| Coconut Development (Amendment) |
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An Act to Amend the Coconut Development
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BE it enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows:-
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[20th March
, 1986 ]
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Short Title
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1. This act may be cited as the Coconut Development [Amendment] Act, No. 8 of 1986
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Amendment of section 19 of Act No. 46 of 1971
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2. Section 19 of the Coconut Development Act, No. 46 of 1971 (hereinafter referred to as the principal enactment) is hereby amended as follows:-
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(a) by the insertion immediately after subsection (2) of that section of the following new subsection :-
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(2a) Where the powers referred to in paragraph (h) of subsection (1) of section 23 in respect of the export of any coconut product, are assigned to the Board, the Board may, with the approval of the Minister, delegate to any commercial bank the power to issue licenses for the export of that coconut product in accordance with the qualifications, terms and conditions and procedure for the issue of such licenses as may return mind by the board ;
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(b) in subsection (3) of the section, by the substitution for the expression under subsection (2) of the expression under subsection (2) or Subsection (2a).
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Amendment of section 62 of the principal enactment.
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3. Section 62 of the principal enactment is hereby amended by the insertion immediately after the definition of coconut product, of the following new definition:-
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Commercial bank means any person or body of persons corporate or unincorporated, which carries on in Sri Lanka the business of accepting from the public, or of creating demand deposits, but does not include the Central Bank ;.
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Validation
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4. No licence issued, prior to the commencement of this Act, by a commercial bank for the export of any coconut product shall be deemed to have been, or to be, invalid by reason only of the fact that the power to issue such license had been invalidly delegated to such bank by the Coconut Development Authority established by the principal enactment or any Board established under the principal enactment.
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